Pacific Gas & Electric Company Chairman and CEO Peter Darbee said in a statement Tuesday that climate change could cost California’s economy tens of billions of dollars a year, with losses to agriculture, tourism and other sectors.

The 2006 law, known as AB32, requires utilities, manufacturers and other businesses to reduce the state’s greenhouse gas emissions to 1990 levels by 2020.

If approved in November, the initiative would suspend the law until California’s unemployment rate falls from its current rate of 12.4 percent to 5.5 percent or lower and stays there for a year.